Saudi Arabia's central bank's (SAMA) foreign exchange reserves rose in March by 88 billion riyals ($23.5 billion), the largest monthly increase since 2008, due to Aramco's rising profits, whose performance-related dividends reached a record 116 billion riyals ($30.9 billion).
The growth of the non-oil sector in Saudi Arabia is expected to continue in 2024 and 2025, oil production is expected to expand to exceed 10 million barrels per day, and inflation will remain under control, as a result of the Federal Reserve's six-rate cuts over the next 18 months.
The growth rate of the Saudi economy recorded a slight decline in the first quarter of 2024, amounting to 1.8 percent year-on-year, recording an improvement from a contraction of 4.4 percent during the fourth quarter of 2023.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
